European Insurance News & Views Aegon 1H26 preview/ Read-x for Aviva from Intact results

Research evidence excerpt

European Insurance News & Views Aegon 1H26 preview/ Read-x for Aviva from Intact results

Global Research

29 July 2026ab

European Insurance News & Views Equities

Europe including UKAegon 1H26 preview/ Read-x for Aviva from

Intact results Financial

Nasib Ahmed, FIA

Analyst

nasib-za.ahmed@ubs.com

Headline: Aegon 1H26 preview / Read-across for Aviva from Intact results +44-20-7568 8231

Will Hardcastle, CFA

Aegon will report 1H26 results on 20 Aug and we provide our expectations for the day Analyst

below. We also provide read-across for Aviva from intact results - First Read here. will.hardcastle@ubs.com

+44-20-7567 9763

UBS Summary: Qian Lu

qian-za.lu@ubs.com

We expect focus on the day on: 1) Any further de-risking of the Financial Assets. +44-20-7567 4657

There is still $2.7bn of locked-in capital within these assets, with a target to reduce these

Chloe Ryanto $2.2bn by 2027. We do not expect any major announcement at the 1H results around

Associate Analyst

this. 2) Assumption changes: Historically, assumption changes have been negative

chloe.ryan@ubs.com

and are reviewed over 2Q. We expect lower negative IFRS impacts from assumption +44-20-7567 3505

changes given recent favourable mortality and the de-risking transaction announced at

the Dec -25 CMD. We also expect the €0.1bn IFRS gain from the tender offer to dampen

the potential one-off impact from assumption changes. 3) Share buybacks: We do not

expect another share buyback announcement, since the current €200m share buyback

has just commenced.

Other items: Although not a consensus item, we expect group solvency at 173% for

1H26. The next catalyst for the stock will be the completion of the sale of the UK

business to Standard Life, which we expect towards the end of 2026. We expect a share